by News Team on August 30th, 2006
Of the 20 towns with the worst record for CCJs over the past year, eight are in the Midlands according to the Callcredit survey which showed how debt is affecting different parts of the country.
Yet while some areas escaped without any residents suffering a CCJ, Callcredit director Mel Mitchley warned that this could change in the near future as debt levels rise.
“A combination of record levels of personal debt combined with the recent interest rate rise could mean that over the next year we start to see CCJs in neighbourhoods that have so far been unaffected,” she warned.
A CCJ is usually entered when a borrower fails to repay debt and can severely impair a credit record.
As Britons struggle to manage their debt, over 0.75 million CCJs were registered over the last twelve months, one for every 50 adults in England and Wales.
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by News Team on August 30th, 2006
R3, the Association of Business Recovery Professionals, has stated that it will give support to schools offering ifs School of Finance qualifications by discussing the “perils of debt”.
Tony Supperstone, R3 president commented: “Personal debt in the UK is increasing at enormous levels, by starting with children we can help educate them on managing their finances for the future.
“By allying ourselves with the ifs School of Finance, we are actively trying to encourage more education for young people today on the dangers of personal debt.”
Announcement of the support comes as the government announces plans to introduce personal finance education into schools to improve Britons’ debt management.
Mr Supperstone said that he too wants to see students leave school with debt management skills, especially as many take on student loans without knowledge of budgeting.
Topics to be discussed to improve financial education will include talks on debt, loans, credit cards and budgeting, R3 said, along with using real-life case studies.
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by News Team on August 30th, 2006
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by News Team on August 30th, 2006
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by News Team on August 27th, 2006
Nearly 40 per cent of people told Fidelity International that rather than save they are hoping for windfall payments to enjoy a debt-free and comfortable retirement.
However, Simon Fraser, president of institutional business at Fidelity International, warned against a lack of planning: “A good retirement plan should rest on solid foundations, not unpredictable windfalls.
“If the individual relies on an inheritance which does not transpire, they will have missed out on precious time. Complacency and trusting to chance is an option that people – especially young people – simply cannot afford.”
According to the research, reliance on inheritance was highest amongst the under-35s but even in the 35 to 54 age group a third are relying on such a windfall to clear debts.
Yet Mr Fraser said that the “message was clear” that windfalls do not always happen and that people should make financial plans to avoid a retirement full of debt.
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by News Team on August 26th, 2006
With average graduate debt put at £22,000, the National Union of Students (NUS) and financial experts told students to budget and seek advice.
“Students are particularly vulnerable because they have no choice but to get into debt,” Sue Edwards of Citizens Advice told BBC News. “People don’t get education in financial matters and credit is very easy to get.”
With the introduction of top-up fees, students preparing to enter university can expect to pay nearly three times as much as their predecessors and thus incur greater debt.
Some universities are already offering incentives such as lower fees or even cashback deals, but the NUS said in the same report that student numbers were still falling.
However, rather than being discouraged from getting an education due to debt fears, professional financial advice is often freely available to people with money concerns.
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